The Government has been issuing numerous advisories, notifications and relaxations to enable companies to face the hardships caused by the spread of COVID-19 and equip them to better handle the situation. The Courts have also been very proactive in granting various reliefs. In this section, we give you ready access to some of the key Government notifications, advisories, court orders and notices released this week.
RBI issuance guidance on scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts
On 23 October 2020, the Government announced a scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1 March 2020 to 31 August 2020) (Scheme), which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between 1 March 2020 to 31 August 2020 by respective lending institutions. RBI has now advised, all lending institutions to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline.
Please click here to refer to the Scheme.
Please click here to refer to the RBI advisory to lending institutions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
